Beepi to Raise Funds, International Expansion Likely to Happen on 2016

Beepi has changed the way we buy used cars. They have done well but the company is now aiming to expand their business even further.

According to The Wall Street Journal, Beepi has announced a massive, even monstrous funding round of $300 Million. This will enable the company to grow from 150 to 500 employees. Apart from that, the company sees that it will be visible in every major city. The aim to go global may come by 2016.

The company reported to have $100 Million in annual revenue for last year. With the expansion and the new establishments during the fiscal quarter, it may reach $350 Million this year. Their growth has become very rapid, a lot of investors were impressed by its performance.

For those who have not heard Beepi, they have a team that will initially check the condition of the car and will have a fixed price for it. The company will then get commission from the closed sales, or will buy the car if not purchased after 30 days. The buyer can also return the car within 10 days after the delivery. Everything can be done with smartphone or PC. The platform is similar to Uber Technologies Inc., and Airbnb Inc.

The buyers may not have the feel of the car prior delivery but Beepi promises that most of the cars that they sell, if not all, are in pretty shape as reported by FastCompany. They only list cars not older than 6 years old and have less than 60,000 miles. Plus, it should be accident-free.

Apart from getting quality used-cars, Beepi can also help the buyers with the paper works and can even assist with financing, reports Sacramento Business Journal. And when the car is delivered, it will be on a flatbed with a classic bow on top. It is really a reward.

The concept of Beepi wasn't easy to digest at first. But surprisingly, a lot of people engaged themselves in it. Hence, an expansion is necessary to further cater to those who might need it.